The average cost of food in Nigeria skyrocketed by 97% between November 2023 and November 2024, according to the latest Selected Food Price Watch report from the National Bureau of Statistics (NBS), released on January 17, 2025.
The data reveals that the nationwide average price of food surged from ₦1,449.57 in November 2023 to ₦2,862.14 in November 2024. Month-on-month, prices also rose by 3.75%, increasing from ₦2,758.60 in October 2024. This steep rise highlights the mounting financial strain on households as economic pressures continue to grow, exacerbated by inflation, exchange rate fluctuations, and high logistics costs.
The NBS report provides a detailed breakdown of price increases for essential food items:
- Brown Beans (1kg, sold loose): Prices rose by a staggering 224.37% year-on-year, from ₦838.85 in November 2023 to ₦2,720.96 in November 2024. However, on a month-to-month basis, prices dropped by 2.77% from ₦2,798.50 in October 2024.
- Medium-Size Eggs (12 pieces): The average price increased by 135.74% year-on-year, from ₦1,202.18 in November 2023 to ₦2,833.97 in November 2024. Month-on-month, prices rose by 6.08%, up from ₦2,671.60 in October 2024.
- Onion Bulbs (1kg): Prices climbed by 174.65% year-on-year, from ₦683.78 in November 2023 to ₦1,878.00 in November 2024.
The NBS survey tracked prices for 44 food items, including rice, bread, garri, dried fish, frozen chicken, and groundnut oil.
Food price increases were unevenly distributed across Nigeria, with the South-East recording the highest average prices at ₦3,366.41 in November 2024. This was significantly higher than the North-West, which reported the lowest average price of ₦2,511.86.
Regional averages for November 2024 were as follows: North-Central: ₦2,706.24, North-East: ₦2,638.28, North-West: ₦2,511.86, South-East: ₦3,366.41, South-South: ₦3,121.16, and South-West: ₦2,997.31
The dramatic rise in food prices is attributed to several challenges, including insecurity in food-producing regions, as conflicts in key agricultural areas, particularly in the North, have disrupted farming activities and supply chains.
Climate change and flooding are also challenges, as adverse weather conditions have reduced crop yields, further limiting the supply of staple foods. There is also rising transportation costs as high fuel prices and poor road infrastructure have driven up the cost of moving goods across the country.
Nigeria’s reliance on imported food items has compounded the problem, with a weakened naira increasing the cost of imports.
The nearly twofold increase in food prices over the past year has significantly strained household budgets, particularly for low and middle-income earners. With wages failing to keep pace with inflation, food insecurity is becoming a growing concern across the country.
